Phoenix, AZ, June 14, 2023 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) reported a continuation of strong improvement of results in the First Fiscal Quarter of 2024, (February 1, 2023, to April 30, 2023), with Net Income Attributable to Controlling Interests increasing by approximately 25%, to $236,608 as compared to $188,115.
Total Consolidated Fiscal First Quarter Net Income also increased approximately 25% to $465,445.
Total Trust Equity increased to $4,017,911 at the end of Fiscal First Quarter 2024, up approximately 9%, or $335,766.
Earnings Per Share based on this Net Income Attributable to Controlling Interest amount was $0.03, up $0.01 from the prior year of $0.02.
Total Revenues increased to approximately $2.2 million, which is an approximate increase of 3% from the same prior Fiscal Year total of $2.1 million.
Consolidated Net Income before non-cash depreciation expense was $633,623 for the 2024 First Fiscal Quarter ended April 30, 2023 (February 1, 2023, through April 30, 2023), which was an increase of approximately 16% from the First Fiscal Quarter of 2023 (February 1, 2022, through April 30, 2022).
InnSuites Hospitality Trust (IHT), in late 2019, made a diversification investment in new development privately held UniGen Power, Inc. (UniGen), developing a high risk, high profit potential, efficient clean electricity energy generation innovation. The UniGen design is fueled not only with abundant relatively clean natural gas but also with other even cleaner fuels such as ethanol and hydrogen (that emits only water). IHT holds stock, convertible bonds, and warrants that, when fully converted/exercised, could result in IHT holding an approximate 25% ownership stake in UniGen. UniGen has confirmed that prototype design engineering for the UPI 1000TA engine is now complete, with a majority of parts and tooling having been ordered and arriving daily.
Engineering work is complete on the prototype and has been placed on hold, while UniGen concentrates on its next round of capital raising, with promising initial response. IHT may participate in the upcoming round of capital raising through the exercise of existing warrants, which may or may not result in further increase of IHT fully diluted ownership.
Said James Wirth President, CEO, and IHT Board Chairman:
"With 2024 Fiscal First Quarter hospitality revenues reaching record levels, combined with six consecutive recently completed profitable quarters, and with continuing progress on the UniGen diversification, IHT management believes that due to real estate held at book values believed to be significantly below current market value and due to the high risk, but also high diversification UniGen profit potential ahead, the IHT future looks bright, and in our opinion IHT stock is undervalued. Accordingly, IHT continues its stock buyback program."
Fiscal Year 2023 extended IHT's uninterrupted, continuous annual dividends to 52 years, since 1971, with semi-annual dividends paid February 1, 2023, and anticipated for July 31, 2023.
For more information, visit www.innsuitestrust.com and www.innsuites.com.
Forward-Looking Statements
With the exception of historical information, matters discussed in this news release may include "forward-looking statements" within the meaning of the federal securities laws. All statements regarding IHT's review and exploration of potential strategic, operational, and structural alternative diversification investments, and expected associated costs and benefits, as well as statements related to continuation of its 52 years of uninterrupted payment of annual dividends, are forward-looking. Actual developments and business decisions may differ materially from those expressed or implied by such forward-looking statements. Important factors, among others, that could cause IHT's actual results and future actions to differ materially from those described in forward-looking statements include the uncertain outcome, impact, effects and results of IHT's success in finding potential qualified purchasers for its hospitality real estate, or a reverse merger partner, continuation of growth of hospitality revenues and/or profit growth, timely collection of receivables, the success of and timing of the UniGen clean energy diversification innovation, the continuation of semi-annual dividends in the year(s) ahead, and other risks discussed in IHT's SEC filings. IHT expressly disclaims any obligation to update any forward-looking statement contained in this news release to reflect events or circumstances that may arise after the date hereof, all of which are expressly qualified by the foregoing, other than as required by applicable law.
FOR FURTHER INFORMATION:
Marc Berg, Executive Vice President
602-944-1500
email: mberg@innsuites.com
INNSUITES HOTEL CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020
Phone: 602-944-1500
